Davis Polk Advises Lenders to GenOn Energy on the Sale of Canal Units 1 and 2 to Stonepeak

Davis Polk is advising the Ad Hoc Group of GenOn Energy, Inc. noteholders on the approximately $390.3 million sale of Canal Units 1 and 2 to an affiliate of Stonepeak Infrastructure Partners. The transaction, which is expected to close early in the third quarter of 2018, is subject to the satisfaction of the closing conditions in the purchase agreement.

GenOn, a unit of NRG Energy, is one of the largest independent power producers in the United States and filed for bankruptcy protection in June 2017. Canal Units 1 and 2 are electricity generating facilities with a combined summer capacity rating of approximately 1,112 megawatts. Stonepeak is an independent infrastructure investment manager focusing on the power, renewables and utilities, transportation, midstream energy, water and communications sectors.

The Davis Polk corporate team includes partner William L. Taylor, counsel Ajay B. Lele and associate Arthur M.T. Burke. Partners Damian S. Schaible and Eli J. Vonnegut and associates Angela M. Libby, Benjamin M. Schak and Julian Bulaon are providing restructuring advice. Partner Kathleen L. Ferrell and associate Patrick E. Sigmon are providing tax advice. All members of the Davis Polk team are based in the New York office.